Sudbury – Laurentian University of Sudbury (Laurentian) today commenced a court proceeding under the Companies’ Creditors Arrangement Act (CCAA).
Laurentian’s Board of Governors and Administration determined that commencing these proceedings is the best path forward that will allow for the opportunity to financially and operationally restructure the University. The University has taken this step with a view to emerging as a fully restructured and financially viable institution.
The Initial Order requested by the University and granted by the Court provides for the appointment of Ernst & Young Inc. as the court-appointed Monitor in these proceedings.
The primary goal of the CCAA filing and restructuring is to ensure that current and future students will continue to have access to a high quality post-secondary education at Laurentian for years to come. Current students will not see a change in their day-to-day education and Laurentian will continue actively recruiting new students.
Laurentian has kept the Ministry of Colleges and Universities (MCU) fully apprised throughout the process leading to this step being taken, and will continue to work with MCU during the CCAA proceeding.
Further information is available at www.laurentianu.info.